Major Australian bank, ANZ, says about 3,500 staff will be cut by September 2026 as part of a major overhaul aimed at simplifying operations and reducing costs.
The restructure will also see the bank scale back its reliance on consultants and contractors, affecting around 1,000 managed services workers.
ANZ also reaffirmed its commitments to the federal and Queensland governments regarding its $4.9 billion acquisition of Suncorp Bank.
CEO Nuno Matos said the job losses would be handled carefully.
“My ambition is for ANZ to be the best bank for our customers, while ensuring we sustainably meet the performance expected over the long-term,” he said in a statement.
“We know this will be difficult news for some of our staff. While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”
ANZ said staff leaving the organisation will have access to support programs, including career advice, planning, and counselling.
The bank also pledged to continue consulting with unions and staff representatives.
The bank expects to record a restructuring charge of around $560 million before tax in its second-half 2025 profit and loss statement, with final figures to be confirmed in its full-year results on Nov. 10.
ANZ will also provide a strategy update to investors on Oct. 13.
Job Cuts Across Corporate Australia
The announcement comes amid a wave of corporate restructures.
Biotech giant CSL revealed last month that it would shed 4,800 roles, equal to 15 percent of its global workforce, to streamline operations.
KPMG Australia has also downsized, eliminating 635 jobs in FY 2024–25, including 21 partners, following an earlier round of cuts that claimed about 200 senior consulting roles.
While the firm reduced its headcount to about 8,967, equity partners received a 10.3 percent pay increase, taking average earnings above $715,000.
